Modulr and Ripple announced Feb. 1 a partnership to activate seamless payments throughout Europe.
The collaboration is intended to make payments faster, more cost-effective, and reliable, according to a press release. Trust Payments, a global unified payments group, is the first customer to go live and benefit from the partnership
“Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements," Chief Commercial Officer of Trust Payments, Jonathan O'Connor, said in the release. "We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.”
The collaboration is projected to expand into the Asia-Pacific region, North America, Latin America and Middle East, according to the release.
“Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivaled connections to critical payment infrastructure in the UK (United Kingdom)," Managing Director of RippleNet in Europe, Sendi Young, said in the release. "Together we look forward to providing a faster, simpler cross-border payments experience for customers on RippleNet into the UK and Europe.”
Myles Stephenson, Modulr founder and CEO, echoed Young's sentiment.
“We’re excited to partner with Ripple - we share the same fundamental goal which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today," he said in the release. "This partnership lays the groundwork for even bigger things to come. At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months.”